Pekaes to look East after IPO on WSE

Pekaes, the largest and the oldest domestic international carrier, announced plans to debut on the Warsaw Stock Exchange in late October or early November, raising around zł.150 million. "We have already selected our the advisory companies which will help us get on the bourse," said company president Jan Dalgiewicz, who added that the plan envisage the sale of between 7-12 million shares. If all the shares will be sold, the stake owned by the State Treasury would shrink from the current 51.5% to around 30%. The raised capital would be used on purchasing new vehicles, the development of the sales network and potential sector acquisitions. "As until now we have concentrated on Western markets, whereas I think that Eastern markets, especially Russia, Ukraine and Belarus are very promising. I predict a very quick pace of development for Pekaes in these regions in the coming years," said Dalgiewicz. (Parkiet, p. 5) A.K.